Recently in the payments space, the center of attention has been the growth and innovation happening in electronic and instant payments. While digital transactions do continue to rise, cash still remains an essential part of everyday spending. According to Federal Reserve Financial Services, in 2023, cash accounted for 16% of all consumer transactions.

People need convenient and affordable access to cash for those moments when card or digital wallet payments aren’t an option. However, getting cash from out-of-network ATMs continues to become more expensive, with the average cost in 2024 reaching an all-time high of $4.77. 

For consumers, avoiding these fees is a top priority. So much so that, according to Nerdwallet’s 2024 State of Banking Report, having access to a fee-free ATM network was ranked the second most important banking feature by U.S. adults, right behind online access. 

With the demand for cash not going away any time soon, we’re excited to enable Synctera’s customers to offer surcharge-free ATMs to their end-users, powered by MoneyPass from Fiserv. This new capability gives end-users access to MoneyPass®’ Network of 40,000+ surcharge-free ATMs across the U.S.

Offering surcharge-free ATM access helps FinTechs and companies launching embedded banking products boost their competitiveness in the market, increase account usage, and enhance their overall customer experience. For both consumers and businesses, surcharge-free ATM access enables them to spend their money however they need to, without worrying about additional fees. 

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Boost account usage and retention by offering fee-free ATMs

Synctera makes offering surcharge-free ATM access simple. Once approved by both a FinTech’s sponsor bank and MoneyPass, processing of surcharge-free ATM transactions is enabled on the FinTech’s program.

A FinTech’s end-user can then use their MoneyPass-enabled debit or credit card to withdraw cash at any ATM in the MoneyPass Network, without incurring additional fees. FinTechs can embed a link to the MoneyPass ATM locator directly within their user interface, helping customers quickly locate the nearest fee-free ATM.

As end-users conduct ATM transactions, all transaction data is centralized within the Synctera Platform and automatically reconciled. FinTechs can easily access the key data they need to know, both on a transaction-level and holistically, providing the information necessary to handle any customer support issues that arise and gain insights into user behavior.

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Building a full-featured banking product 

For any new FinTech or embedded banking product, it’s important to provide end-users with the same set of features and capabilities they’ve come to expect from any bank account. As cash continues to be a key part of the financial ecosystem, providing convenient and affordable access to this traditional payment method has become the market standard. 

Synctera makes it simple for companies to launch and operate full-featured banking products. By providing all of the components and infrastructure through a single platform, companies can launch quickly, operate effectively, and ultimately provide a better financial experience for their end-users.